Magna International (NYSE:MGA) Issues Earnings Results

Magna International (NYSE:MGA - Get Free Report) TSE: MG posted its earnings results on Friday. The company reported $1.28 EPS for the quarter, missing the consensus estimate of $1.48 by ($0.20), Briefing.com reports. The business had revenue of $10.28 billion during the quarter, compared to analysts' expectations of $10.34 billion. Magna International had a net margin of 2.29% and a return on equity of 12.53%. The business's quarterly revenue was down 3.8% compared to the same quarter last year. During the same period last year, the company earned $1.46 EPS. Magna International updated its FY 2024 guidance to EPS.

Magna International Stock Performance

NYSE MGA traded up $2.50 during trading hours on Friday, hitting $41.97. 2,886,594 shares of the stock were exchanged, compared to its average volume of 1,299,767. The company has a quick ratio of 0.77, a current ratio of 1.12 and a debt-to-equity ratio of 0.40. The company has a market cap of $12.06 billion, a price-to-earnings ratio of 12.24, a price-to-earnings-growth ratio of 0.63 and a beta of 1.59. Magna International has a 12-month low of $38.01 and a 12-month high of $60.32. The stock has a 50-day moving average of $41.34 and a 200 day moving average of $43.18.

Magna International Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.475 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.53%. Magna International's dividend payout ratio (DPR) is 55.39%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on MGA shares. UBS Group cut their target price on Magna International from $51.00 to $46.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 10th. Evercore ISI reduced their price objective on shares of Magna International from $60.00 to $50.00 and set an "in-line" rating for the company in a research report on Monday, July 15th. BMO Capital Markets dropped their target price on shares of Magna International from $60.00 to $55.00 and set an "outperform" rating on the stock in a research report on Monday, July 22nd. Wolfe Research reiterated an "underperform" rating on shares of Magna International in a research note on Thursday, September 5th. Finally, Evercore decreased their price objective on shares of Magna International from $60.00 to $50.00 and set an "in-line" rating for the company in a research note on Monday, July 15th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $49.65.

About Magna International

Magna International Inc designs, engineers, and manufactures components, assemblies, systems, subsystems, and modules for original equipment manufacturers of vehicles and light trucks worldwide. It operates through four segments: Body Exteriors & Structures, Power & Vision, Seating Systems, and Complete Vehicles.